David Adeleke, an award-winning Nigerian singer better known as Davido, says he almost cried on Monday when he changed his naira to dollars at the rate of N500 to $1.
The naira value has continued to plummet against the dollar in recent times due to the shortage in the country’s foreign exchange caused by dwindling oil sales.
As of Monday, the official exchange rate — according to the Central Bank of Nigeria (CBN) — is N380/$1.
But at parallel market rate, also known as black market — a place where people who couldn’t get dollar at the official market go — it is N500/$1.
The development has continued to generate concerns from economic experts considering its implication on the socio-economic development of the country.
In a post on his Twitter page, the ‘OBO’ crooner also decried the situation of things in the country, wondering why the naira would be so weak against the dollar.
“Dollar don reach 500 … I changed naira to dollar today and I almost cried smh this country nawa,” he wrote.
Dollar don reach 500 … I changed naira to dollar today and I almost cried smh this country nawa
— Davido (@davido) November 30, 2020
Davido has continued to pull the strings in the global music landscape with strings of awards, collaborations and a huge fanbase.
The 28-year-old singer had earlier openly declared himself as the “biggest artiste in Nigeria.”
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